Construction
How to control fixed costs
Article by Patrick Sutton, Partner, O’Kelly Sutton, published in The Sunday Business Post 28th January 2018 One of the easiest mistakes any business can make is to let fixed costs creep up over time. Whilst costs are a necessary part of any business, when they get out of control it can have a crippling impact…
Read MoreMaximise Capital Allowances whilst avoiding the Pitfalls
Many property owners are currently refurbishing their properties and making significant investments in capital reconstruction, plant & machinery and repairs. The challenge for the property owners is to claim the maximum tax relief through either repairs or capital allowances without getting it wrong. We have advised many property owners on how best to maximise allowances…
Read MoreInvestment Properties – Tax and Accounting Top Tips
Accounting in Corporate Structures Since the introduction of the new financial reporting standard FRS102 in 2015 we have found the accounting treatment of Investment Properties are not being dealt with correctly in many instances. Here are some basic rules to follow when accounting for your investment property this year. You are required to use fair…
Read MoreTax minimisation on Retirement and Transferring Assets
Tax minimisation on Retirement and Transferring Assets There’s been a lot of talk recently in the media about increasing Capital Acquisition Tax (CAT) Thresholds and quite rightly so. Currently, there is the possibility of families paying tax twice or three times or more when transferring assets down through the generations’. Assets include property, cash, shares,…
Read More80% of Commercial Property Owners are not tax compliant
The Capital Goods Scheme (CGS) requires that every property owner creates and maintains a ‘Capital Good Record’ (Section 64(12) and Regulation 27(1)(v)VAT Regulations 2010), for each developed property (capital good) they own. It is effectively a VAT passport for the property. Properties cannot be sold without it. Findings suggest that over 80% are not compliant, shockingly the…
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